Only God would have known where Nigerian economic position would have been if President Buhari had lost 2015 general elections. Many Nigerians would have become refugees in the neighbouring African countries and all over the world.
The anti-graft body, Economic and Financial Crimes Commission headed by Mr. Ibrahim Magu revealed to the press yesterday that EFCC had recovered the sum of N738.9b in the past two years of operations..
He said the cash included $43 million recovered from a former Minister of Petroleum Resources, Mrs. Deziani Alison-Madueke.
READ ALSO: EFCC TRIAL: Accountant-General Sentenced to 70 Years Imprisonment in Kebbi State.
The figures are in a 10-page paper Magu delivered at the ongoing 7th Session of the Conference of the States Parties to the United Nations Convention Against Corruption holding in Vienna, Austria.
The paper, titled “International Cooperation in Relation to Technical Assistance: The Nigerian Experienceâ€, gave a detailed account of efforts by the Commission at tracing and recovering all stolen treasures from the country’s coffers.
The statement said: “Magu who was a panelist at the Implementation Review Group attended by over 100 delegates, detailed the Nigerian efforts in asset recovery, including the progress made in the specific cases related to Abacha loot, Malabu Oil, Diezani & Associates and the arms procurement scandal. These efforts, he said cut across Switzerland, USA, UK, UAE, Jersey Island and Panama.
“The EFCC monetary recovery from May 2015 to October 20, 2017 was in excess of N738.9 billion, which is equivalent to over $2.9 billion. This does not include recovery in other currencies like Durham, CRA and British Pound.
No one can distract me from fighting corruption – Magu
“The EFCC has also made a lot of recovery locally. Within this year alone, the Commission recovered stolen assets running into several millions of US dollars and billions in naira. This includes the $43 million recovered from Deziani Allison-Madueke, Nigeria’s former Minister of Petroleum Resources and the N2 billion spread in seven accounts within three Nigerian banks laundered from the Federal Capital Territory Police Command Salary Accounts.â€
The recovered loots includes $9.2m from the Group Managing Director of NNPC, Andrew Yakubu, N3 billion recovered from INEC officials as part of the 2015 election bribery probe, the N328,988,296,990.62 from oil firms.
The whistle-blower policy, has led to the recovery of N521,815,000, $53,272,747, £122,890, and €547,730 by the EFCC.
Also, N1.420billion was recovered from some firms and a consultant who benefited from the N19billion illegally deducted from London-Paris club loan refunds by the Nigeria Governors Forum (NGF).
About N500million from a Northern governor through a mortgage firm.
Also, a company, which assisted another governor to launder $3million London-Paris Club refunds, returned $500,000 to the EFCC.
READ ALSO: EFCC ARRAIGNS TWO FOR N7.3BN OIL FRAUD
EFCC recovered N220million from two companies which were involved in the London-Paris Club consultancy scandal.
Forfeiture of $43.4million recovered from the Osborne Towers in Ikoyi.
Following whistle-blowing, the EFCC recovered about of $136,676,600.51 from a fictitious account of a person suspected to be a public officer.
Also, two other persons voluntarily refunded $15million, N7billion and N1billion after some whistle-blowers exposed the huge deposits in their accounts.
Magu said the recovery was possible for EFCC because it employed “ the mechanism of the non-conviction based forfeiture provided under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Actâ€.
He made some recommendations on how to recover stolen public funds.
He also called for sanctions and prosecution of any financial institution that violates AML/CFT measures and the maintenance of a public register on beneficial ownership.
www.sojworld.com © November 9, 2017
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